NSSA deal goes awry

“Quite clearly, their conduct points to char­acters who worked tirelessly through satanic conspiracy with the RBZ and the curator to throw away 6th applicant’s equity in RMB to NSSA,” said Mr Timba.
“Now that they have realised their goal and they have pleased their handlers, they are try­ing to create a safe exit for themselves.”
Prof Chetsanga, Mr Collin Kuhuni and Ms Monica Mukonoweshuro were fired by RFHL shareholders in January, but the trio instead co-opted Mr James Mabasha and Ms Caroline Masuku and continued running a parallel board to an extent of convening an extraordi­nary general meeting on June 25.
That prompted Mr Timba, through his lawyers Advocate Thabani Mpofu and Mr Vote Muza of Muza and Nyapadi, to file an urgent chamber application blocking the meeting.
Justice Andrew Mutema last Friday ruled in favour of Mr Timba and granted a final order in which Prof Chetsanga and his five colleagues were barred from conducting RFHL business.
Mr Muza welcomed the court ruling, saying their client scored his first success in the case as they seek to set aside certain contracts that were allegedly entered into by the Prof Chet­sanga-led board.
“This was a very good opportunity for them to clear their names before the courts but somehow they decided to miss the opportunity by not challenging the order sought,” said Mr Muza.
“The various allegations of misconduct laid against them before the courts have not been challenged, so they stand as admitted by Chet­sanga and his co-directors.
“This is one step towards our intended goal of getting a declaratory before the courts that Chetsanga and the other purported directors were lawfully dismissed in January 2012 by the shareholders.”
The Prof Chetsanga parallel board which was represented by Kantor and Immerman, was also ordered to pay costs of the suit.
After the dismissal of Prof Chetsanga and  his colleagues on January 26 2012, the sharehold­ers appointed a new board chaired by Professor Norman Nyazema to run the affairs of RFHL.
They accused the Prof Chetsanga-led board of conniving with Mr Saruchera to “throw away” RFHL equity in RMB to NSSA.
Mr Timba indicated that on the June 25 meeting the Prof Chetsanga-led board intended to resign, a development which according to him did not make sense since they were already fired and not the legitimate board.
“No company has two boards of directors. There only has to be one, the one led by Prof Nyazema, which is recognised by me and fellow applicants,” he said.
“I believe it should not be the position that either the law or even the administration of justice system should be seen promoting anarchy in corporate organisations.”
The Prof Chetsanga-led board, according to Mr Timba, allegedly connived with the curator and the central bank to act against the interests of RFHL shareholders.
Several court applications are pending at the High Court in which Mr Timba and other direc­tors were crying foul over the conduct of the old board and its alleged connivance with RBZ and the curator.